General Housing Information

questions & answers

Question: my question is: reguarding "earnest deposits" and when they are not refundable/ also what does it mean when you have "first right of refusal to rent a specific property/,

Answer:

(1)An earnest deposit is non-refundable if the contract states that it is non-refundable. The refund of an earnest depost can also be voided by certain acts; however, those acts and the voiding of any refund would also have to be described in the contract.

(2) A right of first refusal is; if someone else offers to rent the property at a rate of $X, the landlord is required to approach you and see if you want to rent the property under the same terms. If you do not agree to those terms, and cannot convince the landlord to agree to your terms, then the landlord may rent that specific property to the individual who first approached him regarding the rental.